Convertible Arbitrage: A Timely Solution for an Uncertain Market Environment – Lazard Asset Management – 10.17.22

Overview:
Title: Convertible Arbitrage: A Timely Solution for an Uncertain Market Environment
Date: Monday, October 17, 2022
Time: 2:00 PM Eastern Daylight Time
Duration: 1 hour

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Summary:

Now On Demand

In today’s markets, identifying an investment opportunity that can offer compelling return potential without undue risk is challenging. Convertible arbitrage—or hedged convertible bonds—has the potential to provide attractive absolute returns with significantly lower credit and duration risk than those of other fixed income asset classes. Because of its historically low correlation to traditional fixed income, it can also provide unique diversification benefits within a balanced portfolio. In the current environment, uncertainty has led to higher market volatility, which can increase both the return potential and relevance of a hedged convertible bond strategy, creating an opportunity that we have seen only a handful of times in the last 25 years. This investment approach deserves a closer look.

Our experts will discuss:

  • Drivers of return in a convertible arbitrage strategy
  • Current market backdrop and potential for return generation
  • Unique sources of potential alpha within the space
  • Long-term diversification benefits and how to position a convertible arbitrage strategy within a portfolio

Speakers:
Sean H. Reynolds Sean H. Reynolds Managing Director, Portfolio Manager/Analyst Lazard Enhanced Opportunities
Lazard Asset Management

Sean Reynolds is a Portfolio Manager/Analyst for all capital structure and convertibles-based strategies. Prior to joining Lazard in 2007, Sean was a portfolio manager for convertible arbitrage strategies at SAC Capital Management from April 2003 to August 2006 and, subsequent to this, senior portfolio manager at Sailfish Capital Partners’ G2 Multi Strategy Fund. Previously he was a convertible arbitrage portfolio manager at the Clinton Group, Inc. From 1997 to 2002, Sean was a managing director and Head of Convertibles Sales (US) at Deutsche Bank Securities, including a period as an executive member of the North American Management Committee, Deutsche Bank Equities. Prior to 1997, Sean was responsible for global convertible securities sales at UBS Securities and domestic convertibles at Merrill Lynch. He has been in the investment industry since 1993. Sean has an MBA from the Wharton School of the University of Pennsylvania and a BA in Math and BAI (BSc) in Engineering from Trinity College Dublin.
Sarah M. George Sarah M. George Senior Vice President, Client Portfolio Manager Lazard Enhanced Opportunities
Lazard Asset Management

Sarah George is a Senior Vice President and Client Portfolio Manager focusing on Lazard’s capital structure and convertibles-based strategies. She began working in the investment field in 2010. Prior to joining Lazard in 2010, Sarah worked on the Mergers and Acquisitions team at Debevoise & Plimpton LLP. Sarah has a BA in Political Science from Franklin and Marshall College.
This presentation and all research and materials enclosed are property of Lazard Asset Management LLC. © 2022 Lazard Asset Management LLC Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as of the date of this presentation and are subject to change.

For Financial Professional Use Only. Not For Public Distribution.